NOIDA (CoinChapter.com)—Defying the broader market correction, Notcoin (NOT) has experienced a dramatic price surge recently, climbing by nearly 85% since May 27 to reach a daily high near $0.0098 on May 29.
Moreover, trading volumes spiked by an impressive 450%, reaching over $1 billion. The unexpected rally is a refreshing development for investors who faced a week of market inactivity amid concerns of major Bitcoin dump risks.
Explosive Growth and Social Engagement
Notcoin’s recent price surge is closely tied to its increasing popularity as a play-to-earn Web3 game hosted on Telegram. The game enables users to convert in-game currency into NOT tokens, attracting significant interest from Telegram’s extensive user base.
The token experienced a notable rebound following its highly anticipated airdrop, which initially failed to deliver immediate gains for holders.
Independent cryptocurrency trader Zen has projected a bullish sentiment for Notcoin in the mid-term, reflecting a broader market optimism. A recent surge in social engagement further underscores the investor support that Notcoin is enjoying.
Following the airdrop, Notcoin’s social sentiment soared, and a Twitter poll with 29,711 participants showed overwhelming support, with 86.2% favoring Notcoin over Bitcoin.
Though polls on social media platforms are more of a marketing campaign than an actual measure of market sentiment, support from nearly 30,000 traders is bound to leave its mark.
Futures Market and New Notcoin Features Drive Growth
In the last 24 hours, Notcoin’s Open Interest surged from $62 million on May 27 to $141 million on May 29, indicating strong bullish sentiment in the Futures market.
Traders are increasingly taking long positions, as evidenced by over $8.6 million in short liquidations during the same period. This robust market activity underscores a growing confidence in Notcoin’s potential.
Meanwhile, the funding rate for Notcoin has climbed too, rising by over 2,580% to since May 27 to reach 0.0244% on May 29.
The upward trend highlights the bullish sentiment favoring Notcoin. A higher funding rate typically indicates that traders are willing to pay a premium for long positions. The alignment of the funding rate peaks with price surges further underscores the strong market confidence in NOT.
Moreover, the introduction of “earning missions” has further fueled Notcoin’s appeal. These missions allow users to earn NOT tokens passively by engaging with partner projects and communities. Additionally, returns on staking NOT tokens have attracted both new and existing investors.
Notcoin’s rapid rise has placed the token among the top 100 cryptocurrencies by market cap.
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